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Greek economy shrank 0.2% in Q1
29 May 2015 13:01
Greece's economy shrank 0.2% in the first quarter of this year, the country's statistics service said today, confirming a preliminary estimate earlier in the month.
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The data showed that the economy slipped back into recession as political turmoil put the brakes on a fragile recovery.
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Greece's economy emerged from a six-year recession last year, but has struggled in recent months as political turbulence returned towards the end of last year, triggering early elections that brought the anti-austerity leftists to power.
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The contraction between the three months from January to March, based on the second reading of seasonally adjusted data, followed a 0.4% decline in the final quarter of last year.
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Year-on-year, seasonally adjusted GDP grew 0.4%, with the final reading revised up from a previous estimate of 0.3%.
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But that represented a slowing from a 1.3% annual growth rate in the fourth quarter of 2014.
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